Uncertainty over business performance due to yen appreciation, stock market declines and slowing overseas economies
First written in FY2016-Q2. 14 of 38 entries say "Restated". Latest entry: 2026-09-14.
The whole theme swung hardest in 2022: 124 of 167 companies on the "Worse" side.
- 2026-09-14RestatedEarnings
「Meanwhile, as the unstable international situation, including conflicts in Ukraine and Iran and the impact of and concerns regarding developments in U.S. trade policy, has continued for an extended period, inflation, including higher raw material and fuel prices, and volatile foreign exchange markets continue, and the outlook remains uncertain.」
The company continued to describe uncertainty regarding the outlook due to international conditions, high prices and volatile foreign exchange markets. - FY2026-H1International conditions, prices and foreign exchange risks, including the Iran conflict, remain ongoingAnnual report
「Meanwhile, as the unstable international situation, including conflicts in Ukraine and Iran and the impact of and concerns regarding developments in U.S. trade policy, has continued for an extended period, inflation, including higher raw material and fuel prices, and volatile foreign exchange markets continue, and the outlook remains uncertain.」
While indicating a moderate domestic recovery, the company cites the conflicts in Ukraine and Iran, US trade policy, high prices and volatile foreign exchange markets as factors contributing to an uncertain outlook. - 2026-05-13RestatedEarnings
「Meanwhile, as the unstable international situation, including conflicts in Ukraine and Iran and the impact of and concerns regarding developments in U.S. trade policy, has continued for an extended period, inflation, including higher raw material and fuel prices, and a weakening-yen trend in foreign exchange markets continue, and the outlook remains uncertain.」
The company continued to describe uncertainty regarding the outlook in the first quarter due to international conditions, high prices and the weak yen. - FY2025RestatedAnnual report
「Meanwhile, amid unstable international conditions, including the prolonged conflicts in Ukraine and the Middle East and concerns over the direction of various policies under the US Trump administration, prices, including raw material and fuel prices, continued to rise and the foreign-exchange market remained on a yen depreciation trend, leaving the outlook uncertain.」
While indicating improvements in employment and income conditions and a moderate recovery trend, the disclosure continues for the full fiscal year to cite the situations in Ukraine and the Middle East, the US administration's policy direction, higher prices and yen depreciation as sources of uncertainty over the outlook. - FY2025-H1International conditions, inflation and foreign-exchange risks continue, including concerns over policy shifts by the Trump administrationAnnual report
「During the interim consolidated fiscal period under review, Japan's economy continued to recover moderately as employment and income conditions improved. Meanwhile, amid unstable international conditions, including the prolonged situations in Ukraine and the Middle East and concerns over potential policy shifts by the US Trump administration, prices, including raw material and fuel prices, continued to rise and the foreign-exchange market remained unstable, leaving the outlook uncertain.」
While indicating improvements in employment and income conditions and a moderate recovery, the disclosure identifies the situations in Ukraine and the Middle East, concerns over policy shifts by the US administration, higher prices and an unstable foreign-exchange market as sources of uncertainty over the outlook. - FY2024Uncertainty factors in the US, European and Chinese economies and financial and capital markets explicitly identifiedAnnual report
「Meanwhile, concerns over the outlook for the US, European and Chinese economies, developments in the Middle East and volatility in financial and capital markets contributed to continued increases in prices, including raw material and fuel prices, leaving the outlook uncertain.」
While indicating a moderate recovery resulting from the normalization of social and economic activity, the disclosure continues to identify concerns over the outlook for the US, European and Chinese economies, volatility in financial and capital markets, and higher prices as sources of uncertainty. - FY2024-H1RestatedAnnual report
「The economy remained on a moderate recovery track as the normalization of social and economic activity following the COVID-19 pandemic progressed further. Meanwhile, the prolonged situation in Ukraine, developments in the Middle East and global monetary tightening contributed to continued increases in prices, including raw material and fuel prices, and yen depreciation, leaving the outlook uncertain.」
While indicating the normalization of social and economic activity and a moderate recovery trend, the disclosure continues to cite uncertainty over the outlook due to the situations in Ukraine and the Middle East, global monetary tightening, higher prices and yen depreciation. - FY2024-Q1RestatedAnnual report
「The economy remained on a moderate recovery track as the normalization of social and economic activity following the COVID-19 pandemic progressed further. Meanwhile, the prolonged situation in Ukraine, developments in the Middle East and global monetary tightening contributed to continued increases in prices, including raw material and fuel prices, and yen depreciation, leaving the outlook uncertain.」
While indicating a recovery trend resulting from the normalization of social and economic activity, the disclosure continues to cite uncertainty over the outlook due to the situations in Ukraine and the Middle East, global monetary tightening, higher prices and yen depreciation. - FY2023Uncertainty factors, including the situation in the Middle East and yen depreciation, continueAnnual report
「Meanwhile, the prolonged situation in Ukraine, developments in the Middle East and global monetary tightening contributed to continued increases in prices, including raw material and fuel prices, and yen depreciation, leaving the outlook uncertain.」
In addition to the existing factors of the situation in Ukraine, higher prices, yen depreciation and global monetary tightening, the disclosure explicitly identifies developments in the Middle East as a source of uncertainty. - FY2023-Q3Global monetary tightening added as a source of uncertaintyAnnual report
「During the cumulative third quarter under review, Japan's economy continued to recover moderately as restrictions on social and economic activity related to the COVID-19 pandemic were further eased. Meanwhile, the prolonged impact of international developments stemming from Russia's invasion of Ukraine and global monetary tightening led to continued increases in prices, including raw material and fuel prices, leaving the economic outlook uncertain.」
While indicating a recovery trend resulting from the easing of restrictions on social and economic activity, the disclosure identifies global monetary tightening as a new source of uncertainty and continues to cite uncertainty over the outlook, including the prolonged situation in Ukraine and higher prices. - FY2023-Q2RestatedAnnual report
「Restrictions on social and economic activity continued to ease, partly due to COVID-19 being reclassified as a Class 5 disease, and the economy continued to recover moderately. Meanwhile, the prolonged impact of international developments stemming from Russia's invasion of Ukraine and foreign-exchange volatility led to continued increases in prices, including raw material and fuel prices, leaving the economic outlook uncertain.」
While indicating a recovery trend resulting from the reclassification of COVID-19 as a Class 5 disease and the easing of restrictions, the disclosure continues to cite uncertainty over the outlook due to foreign-exchange volatility, the situation in Ukraine, and higher prices, including raw material and fuel prices. - FY2023-Q1RestatedAnnual report
「During the cumulative first quarter under review, Japan's economy showed signs of a gradual recovery as restrictions on social and economic activity were gradually eased despite the impact of the eighth wave of COVID-19. Meanwhile, amid international developments stemming from Russia's invasion of Ukraine and foreign-exchange volatility, prices, including raw material and fuel prices, continued to rise, and the economic outlook remained uncertain.」
While indicating that restrictions on social and economic activity were eased and a recovery was under way despite the impact of COVID-19, the disclosure continues to cite uncertainty over the outlook due to foreign-exchange volatility, the situation in Ukraine, and higher prices, including raw material and fuel prices. - FY2022RestatedAnnual report
「Meanwhile, amid international developments including rapid foreign-exchange movements against the backdrop of interest-rate policy and Russia's invasion of Ukraine, the economic outlook remained uncertain due to surging raw material and fuel prices.」
While acknowledging the recovery resulting from the easing of restrictions on social and economic activity, the disclosure continues to cite uncertainty over the outlook due to rapid foreign-exchange movements, the situation in Ukraine, and surging raw material and fuel prices. - FY2022-Q3Economic recovery progresses alongside risks from rising external costsAnnual report
「During the cumulative third quarter under review, Japan's economy showed signs of a gradual recovery as restrictions on social and economic activity were gradually eased, including changes from the conventional restrictions on behavior, despite the impact of the seventh wave of COVID-19. Meanwhile, amid international developments including the depreciation of the yen and Russia's invasion of Ukraine, the economic outlook remained uncertain due to surging raw material and fuel prices.」
While the easing of restrictions on social and economic activity under the COVID-19 pandemic indicated signs of a recovery, uncertainty over the outlook due to yen depreciation, the situation in Ukraine, and surging raw material and fuel prices continued. - FY2022-Q2WorsenedAnnual report
「Meanwhile, the number of COVID-19 cases had recently been increasing, and, amid international developments including financial-market volatility due to yen depreciation and Russia's invasion of Ukraine, the economic outlook remained uncertain due to surging raw material and fuel prices.」
The increase in COVID-19 cases, financial-market volatility due to yen depreciation, the situation in Ukraine, and surging raw material and fuel prices combined to sustain and expand uncertainty in the external environment. - FY2022-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy remained stagnant and continued to face difficult conditions as the resurgence of COVID-19 due to variants led to restrictions and voluntary restraints on activity and a decline in consumption. Although economic activity showed some recovery due in part to various measures and the increasing COVID-19 vaccination rate, international conditions, including Russia's invasion of Ukraine, caused raw material and fuel prices to surge, and uncertainty over the outlook intensified.」
The disclosure states that, as economic stagnation due to COVID-19 variants continued, Russia's invasion of Ukraine and surging raw material and fuel prices emerged as new sources of uncertainty, intensifying uncertainty over the outlook. - FY2021RestatedAnnual report
「Despite various measures and the increasing COVID-19 vaccination rate, the number of infections continued to rise and fall due in part to the effects of variants, limiting the recovery in economic activity and leaving the outlook uncertain.」
While acknowledging factors supporting a recovery, including vaccinations, the disclosure states that the recovery in economic activity remained limited and the outlook uncertain due to the effects of variants and fluctuations in the number of infections. - FY2021-Q3Falling infections and expectations for a recovery are indicated, while uncertainty continuesAnnual report
「During the cumulative third quarter under review, Japan's economy continued to face difficult conditions as the global spread of COVID-19 had a major impact on economic activity, causing declines in exports and consumption and deterioration in corporate earnings and employment conditions. As a result of various measures and the increasing COVID-19 vaccination rate, the number of infections had recently been declining and a recovery in economic activity was expected. However, the outlook remained uncertain due to the effects of various easing measures and variants.」
The major impact of COVID-19 on economic activity continued. While the decline in infections associated with the higher vaccination rate and expectations for a recovery in economic activity were indicated, uncertainty over the outlook remained due to the effects of easing measures and variants. - FY2021-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan's economy continued to face difficult conditions as the global spread of COVID-19 had a major impact on economic activity. Although conditions varied by industry, declines in exports and consumption and deterioration in corporate earnings and employment conditions continued. While an increase in COVID-19 vaccinations and the Olympic Games were expected to support a recovery in economic activity, a fourth state of emergency was declared in Tokyo in July, and the economic outlook remained uncertain.」
The major impact of COVID-19 on economic activity, along with declines in exports and consumption and deterioration in corporate earnings and employment conditions, continued. While expectations for an economic recovery were expressed, a fourth state of emergency was declared in Tokyo, and uncertainty over the outlook persisted. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy continued to face difficult conditions as the global spread of COVID-19 had a major impact on economic activity, causing declines in exports and consumption and deterioration in corporate earnings and employment conditions. In major metropolitan areas, a third state of emergency was declared at the end of April, following the one in January 2021, and the end of the spread of COVID-19 remained uncertain, raising concerns over a prolonged economic impact and leaving the outlook uncertain.」
Amid the continuing adverse effects of COVID-19 on exports, consumption, corporate earnings and employment conditions, the disclosure also refers to the third state of emergency and continues to cite concerns that the end of the spread of infections is not in sight and that the economic impact will be prolonged. - FY2020RestatedAnnual report
「Although the economy has gradually shown signs of recovery, the end of the spread of COVID-19 remains uncertain following the declaration of a second state of emergency in January 2021, and concerns over a prolonged economic impact and uncertainty over the outlook continue.」
While acknowledging the economic recovery, the disclosure cites the second state of emergency, the uncertain outlook for containing infections and concerns over a prolonged impact, stating that the uncertainty caused by COVID-19 through the previous quarter continued for the full fiscal year. - FY2020-Q3Economic recovery coexists with concerns over containing infections and a prolonged impactAnnual report
「During the cumulative third quarter under review, Japan's economy faced difficult conditions as the global spread of COVID-19 had a major impact on economic activity, causing declines in exports and consumption and deterioration in corporate earnings and employment conditions. Although signs of an economic recovery had emerged recently, the end of the spread of COVID-19 was still not in sight, raising concerns that its impact on the economy would be prolonged, and uncertainty over the outlook continued.」
While stating that signs of an economic recovery have emerged, the disclosure says that the end of the spread of COVID-19 remains uncertain and that concerns over a prolonged impact and uncertainty over the outlook continue. It also states that no material impact on the group had occurred as of that time, but that a material impact could arise in the future. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan's economy faced difficult conditions as the spread of COVID-19 and the declaration of a state of emergency led to declines in exports and consumption and deterioration in corporate earnings and employment conditions. Economic activity also declined rapidly worldwide, and depending on the future infection situation, the recovery could be delayed and the economy could enter a prolonged stagnation, leaving the outlook for both domestic and overseas economies extremely uncertain.」
COVID-19 is cited as having caused declines in exports and consumption, deterioration in corporate earnings and employment conditions, and a rapid decline in the global economy. The disclosure indicates the possibility of a prolonged economic stagnation and extremely high uncertainty in both domestic and overseas economies. It separately states that no material impact on the group's operating results or financial position had occurred as of that time. - FY2020-Q1MaterialisedAnnual report
「During the cumulative first quarter under review, Japan's economy entered a difficult phase as economic activity stagnated due to the effects of COVID-19, in addition to rising uncertainty caused by a slowdown in the global economy resulting from US-China trade friction and other factors.」
In addition to the existing risks of a slowdown and uncertainty in the global economy, the stagnation of economic activity caused by COVID-19 is disclosed as an event that has actually occurred. - FY2019WorsenedAnnual report
「During the consolidated fiscal year under review, Japan's economy recovered only moderately as production activity in the manufacturing sector declined due to sluggish external demand despite continued improvement in employment and income conditions. The global economy remained uncertain due to concerns over unstable international conditions, including trade issues, and volatility in financial and capital markets.」
The disclosure explicitly identifies sluggish external demand and declining production activity in manufacturing, while uncertainty in the global economy due to trade issues and volatility in financial and capital markets continues. - FY2019-Q3WorsenedAnnual report
「During the cumulative third quarter under review, Japan's economy remained on a recovery track as employment and income conditions continued to improve, although exports remained weak. However, concerns arose over downside risks to the economy resulting from the consumption tax increase implemented in October. Meanwhile, uncertainty in the global economy increased due to the prolonged US-China trade friction and a slowdown in the Chinese economy.」
In addition to the existing risks of a slowdown in overseas economies and US-China trade friction, downside risks to the economy from the consumption tax increase are identified, and the global economy is described as becoming increasingly uncertain. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter under review, Japan's economy continued to recover moderately, led by domestic demand, although exports and production were weak in the first half. In the second half, however, the global economy entered a stronger slowdown due to the effects of US-China trade friction, the UK's EU withdrawal and other factors, and business confidence, particularly in manufacturing, remained uncertain.」
The disclosure states that the global economy's slowdown intensified due to the effects of US-China trade friction and the UK's EU withdrawal, and that uncertainty over the outlook continued, particularly in manufacturing. - FY2019-Q1WorsenedAnnual report
「During the cumulative first quarter under review, Japan's economy was affected by US-China trade friction and a slowdown in the Chinese economy, which caused exports to decline. In addition, growing uncertainty over the outlook for the global economy led to moves, particularly among manufacturers, to postpone capital investment, and the economy slowed, with the outlook remaining uncertain.」
The previous concerns over US-China trade friction and a slowdown in the Chinese economy are disclosed together with specific economic effects, including lower exports, postponed capital investment and an economic slowdown. - FY2018WorsenedAnnual report
「The global economy, meanwhile, had maintained a moderate recovery trend, but its growth slowed due in part to the effects of trade friction between the US and China from the second half of the year.」
The previous concerns over US trade policy and trade friction are disclosed together with the resulting slowdown in the pace of global economic growth during the second half of the year. - FY2018-Q3Concerns crystallize around US trade policy and geopolitical risksAnnual report
「During the consolidated fiscal year under review, Japan's economy continued to recover moderately as corporate earnings and employment and income conditions improved against the backdrop of government economic and monetary policies. The global economy also generally remained on a recovery track, but the outlook continued to be uncertain due to concerns over trade friction arising from US trade policy and geopolitical risks.」
While acknowledging the economy's recovery trend, the disclosure identifies trade friction associated with US trade policy and geopolitical risks as factors contributing to uncertainty over the outlook. - FY2018-Q2Concerns crystallize around US and European interest rates, higher crude oil prices and US-China tensionsAnnual report
「During the cumulative second quarter under review, Japan's economy was expected to continue recovering moderately, supported by the recovery of the global economy and improving employment due to strong corporate earnings. However, concerns over rising long-term interest rates in the US and Europe, higher crude oil prices and US-China trade friction left the outlook uncertain.」
While acknowledging the economy's recovery trend, the disclosure identifies rising long-term interest rates in the US and Europe, higher crude oil prices and US-China trade friction as specific new concerns, and continues to cite uncertainty over the outlook. - FY2018-Q1Renewed concerns over a slowdown in overseas economiesAnnual report
「During the cumulative first quarter under review, Japan's economy showed signs of a moderate recovery, including a recovery in exports and continued strength in employment and income conditions, partly due to the effects of various government economic measures, including monetary easing. However, concerns over a slowdown in the global economy resulting from the protectionist trade policies of the new US administration left the outlook uncertain.」
The uncertainty surrounding overseas economies and the external environment, which disappeared from the disclosures for the previous fiscal year, has reappeared in the form of concerns over the new US administration's protectionist trade policies and a slowdown in the global economy. - FY2017DroppedAnnual report
「During the consolidated fiscal year under review, Japan's economy remained on a moderate recovery track overall, as corporate earnings improved against the backdrop of government and Bank of Japan economic measures and increased exports, while signs of a recovery were also seen in corporate capital spending and personal consumption.」
The uncertainty caused by yen appreciation, falling share prices and a slowdown in overseas economies, which had been disclosed previously, is not mentioned in this year's earnings overview or business and other risks. Domestic economic conditions are described as being on a moderate recovery track. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
It is explicitly stated that there were no material changes to business and other risks, and the existing external-environment risks, including overseas economies and foreign exchange, remain in place. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
It is explicitly stated that there were no material changes to the business and other risks disclosed for the previous fiscal year, and the existing external-environment risks remain in place. - FY2016RestatedAnnual report
「During the consolidated fiscal year under review, Japan's economy saw corporate profits remain strong as a result of various policy measures. Overseas, however, the US economy and European economies affected by the UK's EU withdrawal remained unstable, and the outlook continued to be highly uncertain, as also reflected in unstable foreign-exchange and equity markets.」
Uncertainty over the outlook due to instability in the US and European economies and in foreign-exchange and equity markets continues to be disclosed. - FY2016-Q3RestatedAnnual report
「During the cumulative third quarter under review, the Japanese economy continued to recover moderately, with corporate earnings and employment conditions improving against the backdrop of the government's proactive economic and monetary policies. However, the outlook remained uncertain amid increasing uncertainty in overseas economies, including a slowdown in China and other emerging-market economies.」
Uncertainty over the outlook due to a slowdown and increasing uncertainty in overseas economies, particularly China and other emerging-market economies, continues to be disclosed. No material changes are stated regarding business and other risks. - FY2016-Q2First statedAnnual report
「The Japanese economy was affected by an appreciating yen and falling share prices amid concerns over the UK's EU withdrawal and a slowdown in emerging-market economies, and corporate earnings continued to face an uncertain outlook.」
The UK's EU withdrawal, concerns over a slowdown in emerging-market economies, and the trend toward yen appreciation and falling share prices are cited as external-environment risks to the outlook for corporate earnings.